Q/19

Before you can complete the accounting cycle, you will have to close out your temporary accounts into an income summary account. Once the income summary account has been created, it will have to be closed out at the end of the accounting cycle. What happens to the income summary account?

a. It gets closed to the cash account

b. It gets closed to the capital account

c. It gets closed to the service revenue account

d. It gets closed to the unearned revenue account